The drag reducing agent market demand is poised for substantial growth with a projected compound annual growth rate (CAGR) of 5.6% between 2023 and 2033. Starting from an estimated value of USD 672.4 million in 2023, the market is anticipated to reach USD 1,159.5 million by 2033. This growth is driven primarily by rising demand for flow-improving solutions, particularly drag-reducing agents that enhance pipeline efficiency and expand flow capacity. Industries reliant on efficient fluid transportation, such as oil and gas, are increasingly adopting these agents to mitigate frictional losses and optimize operational costs.
Key factors contributing to the market expansion include ongoing infrastructure development in energy sectors globally and the continuous need for efficient transportation of hydrocarbons. As industries seek ways to improve operational efficiency and reduce energy consumption, drag reducing agents are becoming integral solutions. The market is expected to witness robust growth across regions as companies prioritize enhancing pipeline performance and reducing maintenance downtime, thereby fueling the adoption of these innovative flow-enhancing products.
Key Points
- The United States market leads the drag reducing agent market in terms of market share in North America. The United States region held a market share of 35.6% in 2022. The growth in this region is attributed to higher oil consumption, higher demand for faster oil supply, and the presence of oil companies importing oil through pipe transportation.
- The German market is another important market in the European region. The market thrived at held a market share of 2.6% in 2022. The growth is attributed to the presence of pipelines supplying oil to gas to Europe through the Eastern Russian oil stations.
- The Chinese drag reducing agent market thrives at a CAGR of 6.1% during the forecast period. The growth is caused by higher economic activities and rising oil consumption.
- The Indian market thrives at a CAGR of 6.5% between 2023 and 2033. The higher growth rate is caused by higher consumption, exports through multiple sources, and enhanced pipeline transportation through private oil companies.
- Based on product type, the polymer segment leads the market, as it held a share of 66.10% in 2022.
- Based on the end user, the oil and gas segment leads the market as it held a market share of 40.2% in 2022.
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Competitive Landscape
The key vendors focus on enhancing the laminar flow and pipeline capacity. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Innospec has introduced its Drag Reducing Agents (DRS). The product claims to improve operating costs without sacrificing the pipeline throughput.
- Baker Hughes has introduced the FLO XLWR drag reducing agent that boosts the pipeline performance and achieves greater than 70% drag reduction at a lower treatment rate.
Key Players
- Baker Hughes
- Flowchem
- Innospec
- Lubrizol Specialty Products Inc.
- NuGenTec
- Oil Flux Americas
- Sino Oil King Shine Chemical
- Superchem Technology
- The Zoranoc Oilfield Chemical
- China National Petroleum Corporation
- Others
Key Segmentation
By Product Type:
- Polymer
- Surfactant
- Suspension/ Suspended Solids
By Application:
- Crude Oil
- Multi-phase Liquid
- Refined Products
- Heavy, Asphaltic Crude
- Water Transportation
By End Use:
- Oil & Gas
- Chemicals & Petrochemicals
- Power & Energy
- Agriculture
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Old Source: Drag Reducing Agent Market is Estimated to Total US$ 3.74 Bn by 2029, Exhibiting Growth at 5.8% CAGR
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